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Executive Summary

Harmony Gold issued a FY26 trading statement projecting EPS of 4400-4800 SA cents (up 90-108% YoY) and HEPS of 4050-4450 SA cents (up 73-90% YoY), driven by a 35.3% increase in the average gold price received and first-time copper revenue from the CSA mine. The company also met all operating guidance metrics, including gold production of 1,429,551 oz and AISC within guidance, while recognizing R2.8 billion in impairment reversals. This is a strong preliminary earnings release ahead of the full results on August 27, confirming the company's operational and financial momentum.

Key Facts

• EPS expected between 4400 and 4800 SA cents, up 90-108% YoY from 2313 SA cents
• HEPS expected between 4050 and 4450 SA cents, up 73-90% YoY from 2337 SA cents
• Average gold price received increased 35.3% to R2,069,710/kg (US$3,811/oz)
• Group gold production of 44,464 kg (1,429,551 oz) in line with guidance
• CSA mine contributed 18,207 tonnes of copper production at average price of US$5.62/lb
• Impairment reversals of R2.8 billion (US$165 million) recognized on higher gold price assumptions
• Acquisition costs of R1.4 billion (US$82 million) incurred for MAC Copper integration
• Royalty expense increased ~R1.5 billion (US$95 million) and tax expense increased ~R2.3 billion (US$162 million)
• Full FY26 financial results to be published on August 27, 2026

Financial Impact

EPS growth of 90-108% YoY and HEPS growth of 73-90% YoY, driven by 35.3% higher gold price and new copper revenue stream

Risk Factors

• Gold price volatility could reverse the favorable pricing tailwind
• Integration costs and higher royalty/tax expenses may pressure future margins
• Inflationary cost pressures (labor, electricity, consumables) could erode AISC guidance in FY27

Market Snapshot

Investment Themes

Documents Analyzed

This report is based on 8 SEC documents filed with EDGAR.

US Market Status